XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 243,511 $ 213,762
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss (gain) on sale of businesses - net 0 2,067
Depreciation and amortization 28,425 28,360
Amortization of intangible assets 35,381 35,964
Amortization of debt issuance costs 989 1,150
Share-based compensation expense 18,143 15,325
Deferred income taxes 1,888 4,880
Non-cash interest expense associated with forward starting swaps 5,004 5,144
Changes in (net of effect from acquisitions and divestitures):    
Receivables (28,407) (2,178)
Inventories (4,869) 22,250
Other current assets (15,113) (18,276)
Trade accounts payable 3,681 (16,696)
Accrued expenses 9,912 (2,982)
Other - net (1,965) (4,446)
Net cash flows provided by operating activities 296,580 284,324
Cash flows from investing activities    
Additions of property, plant and equipment (28,054) (28,642)
Acquisition of businesses, net of cash acquired 0 (510,001)
Proceeds from sale of businesses, net of cash sold 0 32,529
Proceeds from disposal of fixed assets 5,159 0
Other - net (337) (73)
Net cash flows used in investing activities (23,232) (506,187)
Cash flows from financing activities    
Borrowings under revolving facilities 33,000 460,524
Payments under revolving facilities (181,692) (402,172)
Debt issuance costs 0 (246)
Dividends paid (82,869) (77,367)
Proceeds from stock option exercises 18,980 23,154
Purchase of common stock (22,650) (57,272)
Unvested shares surrendered for tax withholding (5,903) (4,899)
Settlement of foreign exchange contracts 4,406 0
Net cash flows (used in) provided by financing activities (236,728) 141,722
Effect of exchange rate changes on cash and cash equivalents 30,707 (8,480)
Net increase (decrease) in cash 67,327 (88,621)
Cash and cash equivalents at beginning of year 235,964 328,018
Cash and cash equivalents at end of period 303,291 239,397
Cash paid for:    
Interest 19,406 18,261
Income taxes - net 78,629 77,250
3.20% Senior Notes, due June 2023    
Cash flows from financing activities    
Proceeds from Senior Notes 0 100,000
3.37% Senior Notes, due June 2025    
Cash flows from financing activities    
Proceeds from Senior Notes $ 0 $ 100,000